Biotech tax credit expansion could expand 

The Board of Supervisors Budget and Finance Committee will vote Wednesday on legislation that would expand the city’s 10-year tax break program for biotech companies.

The board approved the tax credit program in August 2004 that exempted the companies from having to pay the 1.5 percent pay roll tax for 7.5 years. The legislation would allow a biotech company to take the tax credit for 7.5 years from the time it applied for it. In other words, currently if a biotech company applied for the tax credit today, the company would only have the credit for about four years.

But with the legislation, which was introduced by Supervisor Michela Alioto-Pier, a company could apply for the tax credit in 2013 and still receive a 7.5 year tax credit. The program would still expire Aug. 12, 2014.

Pin It

Speaking of...

More by Joshua Sabatini

Latest in Government & Politics

© 2019 The San Francisco Examiner

Website powered by Foundation